Frenetic Demand for Anthropic and a Competitor’s Debt: Key Takeaways on the IPO Ahead of November 15

Demand for Anthropic shares in its IPO was about six times greater than supply, despite last week’s sell-off in the tech sector. Analysts at Freedom recommended buying the stock, estimating growth potential of more than 30% above the upper end of the stated price range. British data center operator Nscale, which competes with Nebius and CoreWeave, is considering postponing its IPO until next year amid market volatility. Check out our roundup of the week’s top events in the initial public offering market.

— Demand for Anthropic shares in its IPO was about six times the supply, sources told Bloomberg. The developer of the AI model Claude expects to raise up to $64.4 billion through the public offering and another $26 billion through a private placement, which together would make it the largest IPO in history. Existing investors will receive priority in the allocation of shares. Anthropic has set a price range of $70–78 per share and is targeting a valuation of about $1.4 trillion, which is below some investors’ initial expectations. Nvidia plans to purchase $10 billion worth of the company’s shares as part of a private placement. The company’s shares are scheduled to be listed on the Nasdaq under the ticker symbol ANT. Ahead of the IPO, Freedom analysts assigned Anthropic shares a “Buy” rating and a price target of $101.9. This target implies growth potential of about 31% relative to the upper end of the IPO price range at $78. On November 12, pre-market trading in Anthropic shares began on Freedom’s client trading platform—the shares can be found under the ticker ANT.US.

— The debt of British data center operator Nscale, which competes with Nebius and CoreWeave, rose from $137.4 million at the end of June to $5.5 billion as of September 30 ahead of its planned IPO, according to Bloomberg. The company also disclosed that Nvidia has committed to providing it with $2 billion in financing instead of the previously announced $1 billion, but does not guarantee priority equipment deliveries or preferential pricing. Of Nscale’s $106 billion in contracts, only $6.4 billion worth of capacity has been commissioned. To fulfill its $44.6 billion agreement with Anthropic, the company will need at least another $30 billion; otherwise, the customer may terminate the contract. Meanwhile, The Telegraph reported that, amid financial difficulties and a sell-off in tech stocks, Nscale is considering postponing its New York IPO until next year. The company had previously expected a valuation of up to $35 billion.

— China’s Alibaba is preparing to list its semiconductor development unit, T-Head, on the Hong Kong Stock Exchange; Nomura analysts value the unit at $85 billion, according to The Wall Street Journal. The exchange has already approved the IPO, but the company still needs to obtain approval from Chinese regulators. Founded in 2018, T-Head develops chips for artificial intelligence and competes with Nvidia, Huawei, and Baidu. In September, the division unveiled its most powerful AI chip, the Zhenwu V900. Alibaba plans to invest more than $53 billion in AI development over three years. After the IPO, T-Head will remain a subsidiary of Alibaba. The timing and size of the IPO have not yet been disclosed.

— Canadian gold mining company Barrick Mining has filed for an IPO of its North American division, American Barrick Gold, in the U.S., according to Bloomberg. The new company will include Barrick’s stakes in joint ventures in Nevada and the Dominican Republic. Barrick had previously planned to sell 10–15% of the division while retaining control over it. The proceeds are expected to be distributed to shareholders of the parent company. American Barrick also expects to pay a base dividend of $1.25 billion per year. The offering will be part of a large-scale restructuring of Barrick amid declining gold production and operational challenges.

— Zhuanzhuan, a Chinese online platform for selling used goods, has privately filed for an IPO in Hong Kong, which could take place in 2027, Bloomberg reports, citing sources. The company hopes to raise up to $500 million, but it may have to re-register in mainland China before the offering due to regulatory requirements for companies registered overseas. Zhuanzhuan was spun off from the classifieds website 58.com in 2017 and raised $200 million from Tencent at that time. The platform specializes in selling used smartphones, books, clothing, and home appliances. The final timing and terms of the IPO have not yet been determined.

— South Korean cosmetics company Goodai Global, which owns the Beauty of Joseon and SKIN1004 brands, has filed a preliminary application for an IPO on the main board of the Korea Exchange (KOSPI), according to Reuters. Founded in 2016, the company reported revenue of 456.5 billion won ($342.5 million) for 2025, operating profit of 139.6 billion won ($104.7 million), and net profit of 92.3 billion won ($69.2 million). Founder and co-CEO Jeong Ju-hyuk and six other shareholders own 80.54% of Goodai Global. Mirae Asset Securities and NH Investment & Securities are acting as underwriters for the offering.

— Ukrainian space startup Orbit Boy is considering raising approximately €300 million ($332 million), including through an IPO, according to Bloomberg. The company is exploring the possibility of listing its shares in Frankfurt in late 2027, followed by a listing on the New York Stock Exchange. Founded in 2021 by the former head of Ukraine’s space agency, Vladimir Usov, and his partners, Orbit Boy is developing a system for launching microsatellites from aircraft at an altitude of about 10 km. The startup has already conducted two successful suborbital launches and plans to test orbital launches within the next 12 to 18 months. This will require approximately €50 million; the company also intends to allocate another €250 million toward expanding rocket production and commercializing the technology.

— Shares of Swiss biotech company Windward Bio, backed by Novo Holdings, soared 68% in early trading on the Nasdaq on November 13. The company’s market capitalization reached $1.65 billion. During the offering, Windward Bio raised $255 million by selling shares at $17 each—in the middle of the previously announced price range. Windward is developing drugs to treat asthma, chronic obstructive pulmonary disease, and atopic dermatitis. France’s Sanofi also agreed to invest $50 million as part of a private placement.

— Swiss dental company vVardis raised $175 million in its IPO on the New York Stock Exchange. Amid a sell-off in tech stocks and market volatility, the company priced its shares at $18 each—lower than the previously announced range of $21–24. On its first day of trading on the New York Stock Exchange, November 13, vVardis shares fell 10%. Founded in 2020, vVardis develops non-invasive treatments for early-stage tooth decay that do not require drilling or injections. In April, the company achieved “unicorn” status following investments from funds managed by Apollo Global Management.

— The biotechnology company Rezera, formerly known as NodThera, has suspended its planned offering. The company had intended to go public on November 12 and planned to raise $181 million to fund trials of its drug for treating cardiovascular diseases. However, amid a sell-off in the tech sector, the company decided to postpone the IPO “due to market conditions.” “Rezera will continue to evaluate all options for raising capital, including a future public offering, depending on the circumstances,” a company spokesperson told Fierce Biotech.

— Preparations for the initial public offering of Kazakhstan’s national railway operator, “Kazakstan Temir Zholy,” may be delayed, according to Bloomberg. This week, as part of an anti-corruption campaign in Kazakhstan, Nurlan Zhakupov, head of the sovereign wealth fund “Samruk-Kazyna,” and Elzhas Otynshiev, head of the national railway operator “Kazakhstan Temir Zholy” (KTZ), were detained as part of an anti-corruption campaign in Kazakhstan. The company had planned to list its shares on the stock exchanges in Hong Kong, London, and Astana, expecting a valuation of up to $30 billion. On the day the executives were detained, KTZ submitted another set of documents for its Hong Kong listing. The detentions will undoubtedly affect plans for the IPO, Daniyar Temirbaev, executive director of the Kazakhstan Association of Minority Shareholders, told Bloomberg: “An IPO requires a series of corporate decisions, which is impossible under the circumstances of a criminal investigation.”

This article was AI-translated and verified by a human editor